LAS VEGAS—When chatting with retail sources during the ICSC Las Vegas retail event, Britt Raymond, managing director of SRS National Net Lease Group and Market Leader NY Capital Markets, highlighted the shift in investment focus towards local or New York-based investors rather than national 1031 exchange buyers, who have been less active. Raymond emphasized the importance of investing in best-in-class assets, particularly long-term, absolute triple net leases with high-quality real estate fundamentals.

She discussed the current economic cycle and the need to prioritize preservation for core clients to ensure their survival until the market stabilizes. This may involve holding assets for a year, waiting for the market to gain momentum, or restructuring capital stacks and lease structures to mitigate losses and maintain viability.

Raymond emphasized that conducting transactions at present will involve greater market awareness and information, enabling both sellers and buyers to profit rather than the sellers suffering significant value depreciation or buyers hesitating to engage. She anticipated that once market equilibrium is reestablished and value is determined, transaction velocity will increase.